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Global finance is in the middle of a radical transformation fueled
by innovative financial technologies. The coronavirus pandemic has
accelerated the digitization of retail financial services in
Europe. Institutional interest and digital asset markets are also
growing blurring the boundaries between the token economy and
traditional finance. Blockchain, AI, quantum computing and
decentralised finance (DeFI) are setting the stage for a global
battle of business models and philosophies. The post-Brexit EU
cannot afford to ignore the promise of digital finance. But the
Union is struggling to keep pace with global innovation hubs,
particularly when it comes to experimenting with new digital forms
of capital raising. Calibrating the EU digital finance strategy is
a balancing act that requires a deep understanding of the factors
driving the transformation, be they legal, cultural, political or
economic, as well as their many implications. The same FinTech
inventions that use AI, machine learning and big data to facilitate
access to credit may also establish invisible barriers that further
social, racial and religious exclusion. The way digital finance
actors source, use, and record information presents countless
consumer protection concerns. The EU's strategic response has been
years in the making and, finally, in September 2020 the Commission
released a Digital Finance Package. This special issue collects
contributions from leading scholars who scrutinize the challenges
digital finance presents for the EU internal market and financial
market regulation from multiple public policy perspectives. Author
contributions adopt a critical yet constructive and
solutions-oriented approach. They aim to provide policy-relevant
research and ideas shedding light on the complexities of the
digital finance promise. They also offer solid proposals for reform
of EU financial services law.
Written by a leading figure in the field, this third edition of the
Principles of Banking Law provides an authoritative account of the
subject, incorporating all significant changes in banking law,
regulation and practice that have occurred since the publication of
the second edition in 2002. The book looks at international banking
and financial services law, with in-depth expert coverage of global
bank regulation, global payment systems, international bond
instuments, and foreign exchange systems.
This collection of cutting-edge scholarship examines the law and
policy of financial regulation using a combination of conceptual
analysis and strong empirical research. The book's authors range
from global leaders to rising stars in the field, all of whom shed
light on complex questions of financial sector regulation theory
and practice in key economies ranging from the EU to China. Key
topics include the role of law in constituting financial markets,
the efficiency of markets, the role of interest groups in shaping
financial regulation, the interdependence and interactions of
international financial regulation with international trade and
monetary regimes, and problems of regulation in state capitalism
economies. This exciting volume opens the road for further
enrichment of the academic and policy-making dialogue on financial
regulation and regulatory practice, and reflects new trends in
legal and social-science scholarship.
This collection of cutting-edge scholarship examines the law and
policy of financial regulation using a combination of conceptual
analysis and strong empirical research. The book's authors range
from global leaders to rising stars in the field, all of whom shed
light on complex questions of financial sector regulation theory
and practice in key economies ranging from the EU to China. Key
topics include the role of law in constituting financial markets,
the efficiency of markets, the role of interest groups in shaping
financial regulation, the interdependence and interactions of
international financial regulation with international trade and
monetary regimes, and problems of regulation in state capitalism
economies. This exciting volume opens the road for further
enrichment of the academic and policy-making dialogue on financial
regulation and regulatory practice, and reflects new trends in
legal and social-science scholarship.
The current global financial system may not withstand the next
global financial crisis. In order to promote the resilience and
stability of our global financial system against future shocks and
crises, a fundamental reconceptualisation of financial regulation
is necessary. This reconceptualisation must begin with a deep
understanding of how today's financial markets, regulatory
initiatives and laws operate and interact at the global level. This
book undertakes a comprehensive analysis of such diverse areas as
regulation of financial stability, modes of supply of financial
services, market infrastructure, fractional reserve banking, modes
of production of global regulatory standards and the pressing need
to reform financial sector ethics and culture. Based on this
analysis, Reconceptualising Global Finance and its Regulation
proposes realistic reform initiatives, which will be of primary
interest to regulatory and banking legal practitioners, policy
makers, scholars, research students and think tanks.
The current global financial system may not withstand the next
global financial crisis. In order to promote the resilience and
stability of our global financial system against future shocks and
crises, a fundamental reconceptualisation of financial regulation
is necessary. This reconceptualisation must begin with a deep
understanding of how today's financial markets, regulatory
initiatives and laws operate and interact at the global level. This
book undertakes a comprehensive analysis of such diverse areas as
regulation of financial stability, modes of supply of financial
services, market infrastructure, fractional reserve banking, modes
of production of global regulatory standards and the pressing need
to reform financial sector ethics and culture. Based on this
analysis, Reconceptualising Global Finance and its Regulation
proposes realistic reform initiatives, which will be of primary
interest to regulatory and banking legal practitioners, policy
makers, scholars, research students and think tanks.
Capital Markets Union in Europe analyses the legal and economic
implications of the European Commission's plans to form a Capital
Markets Union (CMU) in Europe, which will have a major impact on
financial markets and institutions both in the region and beyond. A
detailed introductory chapter provides a broad overview of the
various aspects and challenges of the CMU proposals, whilst
thematically grouped chapters cover the following areas: (i)
general aspects, (ii) Brexit, (iii) financing innovation, (iv)
raising capital on the capital markets, (v) fostering retail and
institutional investment, (vi) leveraging banking capacity to
support the wider economy, (vii) facilitating cross-border
investing, and (viii) comparative aspects of capital market
integration. Written by world renowned experts in the fields of
banking and capital markets, including respected academics, with
broad practical experience, and leading practitioners, Capital
Markets Union in Europe provides high-quality analysis of the legal
and economic issues in a practical context.
The recent financial crisis proved that pre-existing arrangements
for the governance of global markets were flawed. With reform
underway in the USA, the EU and elsewhere, Emilios Avgouleas
explores some of the questions associated with building an
effective governance system and analyses the evolution of existing
structures. By critiquing the soft law structures dominating
international financial regulation and examining the roles of
financial innovation and the neo-liberal policies in the expansion
of global financial markets, he offers a new epistemological
reading of the causes of the global financial crisis. Requisite
reforms leave serious gaps in cross-border supervision, in the
resolution of global financial institutions and in the monitoring
of risk originating in the shadow banking sector. To close these
gaps and safeguard the stability of the international financial
system, an evolutionary governance system is proposed that will
also enhance the welfare role of global financial markets.
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